Indian equity benchmarks opened in the green on Friday following positive global cues.

At 9:50 a.m., Sensex was up 282 points or 0.35 per cent at 80,180 and Nifty 50 was up 104 points or 0.43 per cent at 24,420.

Buying is also seen in smallcap and midcap stocks. The Nifty Midcap 100 index is at 57,321, up 173 points or 0.30 per cent, and the Nifty Smallcap 100 index is at 19,028, up 108 points or 0.58 per cent.

Overall broader market trend is positive. On NSE 1,589 shares are in the green and 497 in the red.

According to the market experts, “The market which has been moving in a narrow range this week might react favourably to positive global and domestic cues. The positive global cue is the decline in inflation in the US by 0.1 per cent in June triggering hopes of a rate cut by the Fed in September for which the market indicates a 90 per cent probability.”

Among the sectoral indices, IT, PSU, fin service and metal are major gainers. Only the realty is in the red.

In the Sensex pack, TCS, Wipro, Infosys, Axis Bank, Tech Mahindra, HCL Tech, M&M, SBI, and Bajaj Finserv are the top gainers. Maruti Suzuki, Sun Pharma, Bharti Airtel, NTPC, Power Grid, and ICICI Bank are the top losers.

The foreign institutional investors (FIIs) turned net sellers on July 11 as they sold equities worth Rs 1,137 crore, while domestic institutional investors bought equities worth Rs 1,676 crore. AGENCIES

 Several users on Friday reported losing lakhs of rupees while trading on brokerage firm Zerodha’s trading platform Kite due to a glitch in the application.

However, the company said the problem was due to a connectivity issue at Bombay Stock Exchange (BSE).

“Some of our users may be seeing orders in the ‘Open Pending’ state for BSE F&O orders. This issue is across brokers. We are working with BSE to update the status of these orders,” Zerodha wrote in a post on X after users reported the issue.

Later, the brokerage firm informed in another post that the “issue has now been resolved by the exchange”.

“Incurred a loss of over 15 lakh today due to a Zerodha glitch. Orders were pending from 10:55 A.M., and I was unable to cancel or modify them. At 11:24 A.M., all orders were executed at the previously pending price, forcing me to square them off at the current price, resulting in a loss of over 15 lakh across two accounts,” a user wrote.

“@zerodhaonline you guys need to pay us. We lost nearly 7 lakh from profit due to your glitch. Order going in the pending order. Scary panic situation. Nearly 30 lakh were at risk. We want our money back #zerodha,” another user said.

One more user mentioned, “Supposed to have 92K profit but could not execute because #zerodha stuck. When executed got 19K loss. @zerodhaonline give me back my money as you are solely responsible for this”. AGENCIES

Vizhinjam Port is a perfect example of Prime Minister Narendra Modi’s triple focus – Ports for Prosperity, Ports for Progress and Ports for Productivity — Karan Adani, Managing Director of Adani Ports and SEZ Ltd (APSEZ) said on Friday, adding that the company has fulfilled the promise to convert Vizhinjam into a world-class port.

Addressing the gathering after officially receiving the first mothership at the country’s first trans-shipment port near Kovalam Beach in Kerala, Karan Adani said that every aspect that they had planned for “is coming together”.

“We are privileged to have been given this opportunity to use our expertise to transform this part of India, in line with ‘Maritime Amrit Kaal 2047’, our Prime Minister’s vision for the maritime sector,” said the Adani Ports Managing Director.

He said that today is the day when a 33-year-old dream has finally come true for “Vizhinjam, for Kerala and for India”.

The company has already created over 2,000 direct and indirect jobs in construction, operations and other segments and now, with these wide-ranging developments, “we will create more than 5,500 additional direct and indirect employment opportunities right here in Vizhinjam”.

On Thursday, ‘San Fernando’, a vessel of the world’s second-largest shipping company Maersk, arrived at the port country with over 2,000 containers on it.

With the arrival of the first mothership, Adani Group’s Vizhinjam Port has catapulted India into the world port business as globally this port will rank 6th or 7th.

Speaking in the presence of Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, and state Chief Minister Pinarayi Vijayan, Karan Adani said that ‘San Fernando’, is a symbol of a new, glorious achievement in Indian maritime history.

“It is a messenger that will tell the world that India’s first automated container transhipment port and largest deepwater port has begun commercial operations,” said Karan Adani.

In 1991, when this port project was first announced, Vizhinjam was just another village with ordinary prospects.

“At that time, no one could have imagined that it would become a world-class port – and, let me tell you in all humility, this port is going to be one of the world’s top destinations for global container shipping,” he noted.

The 300-metre-long San Fernando, operated by Maersk which is one of the world’s leaders in shipping and logistics, is the first commercial container cargo vessel to call at this port.

“We can all be confident that this ship is just the first of many thousands of very large container ships that will berth in this port in the years ahead,” Karan Adani noted.

He extended his deep gratitude on behalf of the Adani Group to Chief Minister Vijayan and Union Minister Sonowal, along with the state and central governments.

“The people of Kerala are known for their resilience, intellect and progressive outlook. To the world, Keralites or Malayalis represent educated human capital. That gives us the confidence that the people of Kerala want this port to be a global leader – a port that will become a beacon of progress and prosperity for Kerala and beyond,” Karan Adani emphasised.

As soon as the Adani Group receives the environmental clearance and other regulatory approvals, the company will begin work immediately on the port’s remaining phases – and this could begin as early as October this year.

“We already have 600 metres of operational quay length and we are preparing 7,500 container yard slots to accept cargo. While we are expected to handle 1 million twenty-foot equivalent units (TEUs) per annum in Phase 1, we are confident that we will handle 1.5 million TEUs – 50 per cent more,” said Adani Ports MD.

By 2028-29, when all four phases of this project are completed, the Kerala government and Adani Vizhinjam Port will have invested a total of Rs 20,000 crore in “this outstanding example of a large-scale PPP project”.

Through the Adani Skill Development Centre, the company will equip thousands of young women and men with advanced specialised skills relevant to the maritime sector.

“When we took on this project, our Chairman Gautam Adani promised to make Vizhinjam, India’s Port of the Future’. That is what it has become,” said Karan Adani. AGENCIES

 Kerala Chief Minister Pinarayi Vijayan, on Friday, applauded the efforts of Adani Group in realising the dream of a ‘mother port’ at Vizhinjam, which will turn Kerala into the hub of India’s container business.

“This port is the ultimate example of a successful public-private partnership model and with it becoming a reality, we applaud the sincere efforts of the Adani Group for having it done successfully,” said Vijayan.

Vijayan said this while delivering his address soon after officially receiving the first mothership at the country’s first trans-shipment port near Kovalam beach in Kerala, marking a momentous occasion in the port history of India.

Present with him to welcome the mothership — ‘San Fernando’, a vessel of the world’s second-largest shipping company Maersk, arrived at the port with over 2,000 containers on it — were Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal and Karan Adani, Managing Director of Adani Ports and SEZ Ltd (APSEZ) on Friday at 10.30 a.m.

Vijayan said that this port has become a reality even after there were attempts by international lobbies to subvert it.

“The first phase of the port is now ready and it has cost Rs 8,867 crore, of which the state government’s share is 63 per cent, the Adani Group bought in 27 per cent and 10 per cent is the viability gap funding share from the Centre,” said Vijayan, and expected that the completion of the third and fourth phases of the project will be over by 2028-29.

Vijayan also thanked the Adani Group for doing their best using their CSR funds for the community at the Vizhinjam port area. AGENCIES

 Quick grocery delivery platform Zepto on Friday announced the elevation of Devendra Meel to the Chief Business Officer (CBO), effective July 2024.

In this role, he will lead category management and foster brand partnerships, ensuring optimal assortment, pricing, availability, and growth of all core categories on the platform.

“I am deeply committed to this mission and will bring all my energy and dedication to it. Zepto’s meritocratic, fast-moving environment offers high-stakes challenges and the potential for 10X career growth,” Meel said in a statement.

Meel’s elevation to CBO underscores Zepto’s commitment to fostering internal talent and driving continuous innovation. Prior to Zepto, he, an IIM-Bangalore graduate, led special initiatives at Zomato and Jio, the company mentioned.

“Devendra has executed like an entrepreneur and treated Pass like his baby, working tirelessly 6-7 days a week with the Pass team to make the economics sustainable, and brought the whole company together to get Pass launched in record time,” said Aadit Palicha, Co-founder and CEO, Zepto.

Palicha further mentioned that he played a key role in scaling the company’s advertising business to hundreds of crores in revenue and, built out Zepto Pass end-to-end: from an idea to over 5 million subscribers. AGENCIES

The Palestinians ordered by the Israeli military to leave Gaza City in the northern Gaza Strip are lacking essential services and experiencing hostilities, the International Committee of the Red Cross (ICRC) said.

Over the last week, the communities in northern Gaza have endured increased fighting, the ICRC said on Thursday in a statement, adding that the evacuation orders affected thousands of families, Xinhua news agency reported.

The Israeli orders were often unclear, leading to confusion and fear among the residents, the statement noted.

“The grim reality in Gaza today is that nowhere is safe. The struggle to simply survive is robbing people of their dignity,” it added.

Israel’s military said on Wednesday that it dropped thousands of leaflets on Gaza City, urging all residents to leave immediately amid an intensified Israeli military offensive on the city.

Earlier this week, the Israeli army required tens of thousands of Palestinians living in 19 blocs in Gaza City to immediately evacuate, according to a report published by the United Nations Office for the Coordination of Humanitarian Affairs.

UN statistics estimated in early July that the number of people displaced within the Gaza Strip had risen to 1.9 million, or about nine out of 10 people in the enclave.

Israel launched a large-scale offensive against Hamas in the Gaza Strip to retaliate against a Hamas rampage through the southern Israeli border on October 7, 2023, during which about 1,200 people were killed and more than 200 others were taken hostage.

The Gaza-based health authorities said on Thursday that the Palestinian death toll from ongoing Israeli attacks on Gaza has risen to 38,345. AGENCIES

 Visiting Foreign Ministers of the Bay of Bengal countries jointly called on Prime Minister Narendra Modi on the final day of the 2nd BIMSTEC Foreign Ministers’ Retreat in New Delhi on Friday.

“PM had fruitful discussions with the group of Ministers on further strengthening the regional cooperation in diverse areas including connectivity, energy, trade, health, agriculture, science, security and people to people exchanges. He stressed on the role of BIMSTEC as an engine for economic and social growth,” a statement released by the Prime Minister’s Office (PMO) said after the meeting.

PM Modi also reaffirmed India’s commitment to a peaceful, prosperous, resilient and safe BIMSTEC region and highlighted its significance to India’s Neighbourhood First and Act East policies as well as in its SAGAR (Security and Growth for All in the Region) vision.

Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation, or BIMSTEC, brings together seven countries of South and South East Asia for multifaceted cooperation

The first edition of the BIMSTEC Foreign Ministers’ Retreat was held in Bangkok in July 2023 as India continues to reiterate its commitment to promote connectivity and linkages in the shared Bay of Bengal region.

Bangladesh Foreign Minister Dr. Hasan Mahmud, Thailand Foreign Minister Maris Sangiampongsa (current BIMSTEC chair), Bhutan Foreign Minister D.N. Dhungyel, Nepal Foreign Secretary Sewa Lamsal, State Minister of Foreign Affairs of Sri Lanka Tharaka Balasuriya and Myanmar’s Deputy Prime Minister and Foreign Minister U Than Swe attended the meeting to bolster regional cooperation.

During his meeting with the visiting foreign ministers, PM Modi also expressed India’s full support to Thailand for the upcoming BIMSTEC Summit to be held in September, later this year.

Last month, as he congratulated Prime Minister Narendra Modi on the BJP-led NDA’s third consecutive term, Thailand Prime Minister Srettha Thavisin said that he is already looking forward to the Indian leader’s visit to the country in September this year for the BIMSTEC Summit.

“While Prime Minister Modi will be visiting Thailand in September this year to attend the BIMSTEC Summit; on my part, I look forward to paying an official visit to India at the earliest opportunity to realise the full potential of our relations,” said Thavisin.

External Affairs Minister S. Jaishankar and National Security Advisor (NSA) Ajit Doval were also present during the PM’s meeting with the visiting foreign dignitaries. AGENCIES

 India will continue to be the world’s most populous country into the next century, even though its population will peak in the mid-2060s and begin a slow decline, according to a population expert.

India is “currently the largest country in the world in terms of population, and it is projected to stay so throughout the century,” Senior Population Affairs Officer Clare Menozzi said on Thursday at the release of the UN World Population Prospects 2024 Summary.

India’s population is “supposed to peak around the 2060s in size and then it starts to slightly decline,” she said. “So by the end of the century, India is projected to be around 1.5 billion, but still the largest country in the world by a large margin.”

According to the data accompanying the report, India’s population is projected to grow from 1.45 billion now to a peak of 1.7 billion in 2064 when the decline begins, and register 1.5 billion in 2100, a 12 per cent drop.

The report noted that India is among the countries where the working-age population – 20 to 64 years – will grow through 2054,” offering a window of opportunity known as the demographic dividend.”

To capitalise on this opportunity, countries must invest in education, health, and infrastructure, and implement reforms to create jobs and improve government efficiency, the report suggested.

Life expectancy for Indians is projected to grow from 72.24 years now to 83.3 years by 2100.

The total fertility rate for India, which is the number of children a woman has, will decline from the current 1.96 and start the next century at 1.69.

A total fertility rate of 2.2 is considered the replacement rate that will hold the population steady, and a dip below that signals a decline in population, although it could still be growing because of increasing life expectancy and because of the previous population growth that resulted in a large number of younger women who will be of child-bearing age.

In the next 30 years, Pakistan will become the world’s third-most populous country, according to the report’s projections, increasing its population from the current 251 million to 389 million in 2054, overtaking the United States and Indonesia.

That year, India is projected to have a population of 1.69 billion and China 1.21 billion.

For the world, the population will peak in the mid-2080s, growing over the next sixty years from 8.2 billion people now to around 10.3 billion in the mid-2080s, and then will slide to around 10.2 billion by the end of the century, according to Navid Hanif, the United Nations Assistant Secretary-General for Economic Development.

The report drew attention to the trend of an ageing population, where senior citizens will outnumber children.

By the late 2070s, the global population aged 65 and older is projected to reach 2.2 billion, exceeding the number of children under 18, and by the mid-2030s, those aged 80 and over will outnumber infants reaching 265 million, it said.

The trend towards a preponderance of an ageing population is already happening in several countries

The report proposed that countries consider the use of technology to improve productivity at all ages and expand lifelong learning and re-training to extend working lives for those who can and want to continue working.

About the future of the globe with a burgeoning population and the stress on the environment, Population Division’s Director John Wilmoth said that the impact will be from behaviour, rather than the numbers.

“What the world is like in 60 years, will depend on a lot of choices that will be made between now and then, policies that will be implemented or not, and technological advances and so forth,” he said.

“All of these things will change the world that we’re living in. Population trends will be one part of that, but not necessarily the largest or the determining part,” he said. “What really matters is our behaviours and the choices that we make.” AGENCIES

 The recent cyberattack in Indonesia that massively disrupted its national data system has urged the country to strengthen its cyber resilience and evaluate its digital technology policy.

Indonesian Coordinating Minister for Political, Legal and Security Affairs Hadi Tjahjanto said on Friday that the government would carry out digital security improvement and strengthen the system capabilities of its national data centre, reported Xinhua news agency.

“We are making the data centre with the ability to have multiple back-ups, layered back-ups with good security. We want it to be a system that cannot be hacked. This will continue to be done to support the government’s performance in serving the public,” Tjahjanto said in a press conference.

Indonesia’s Ministry of Communication and Informatics is currently preparing to execute what it calls as “tenant redeploy”, improving the digital security in governance by stricter standard operating procedures. “We’ll execute it from August to September 2024,” the ministry’s Director General of Informatics Applications, Ismail, said on Thursday.

The ransomware attack that targeted Indonesia’s national data centre and created a massive data crisis started on June 17 and went on for almost one week, with the hacker initially asking for a ransom of $8 million.

According to the Ministry of Communication and Informatics and the National Cyber and Encryption Agency, at least 282 institutions were disrupted by the attack, including the immigration services, which caused long queues at the airports due to system bottlenecks at the immigration checkpoints. The attack also disrupted educational institutions as the country was currently holding a student enrolment period ahead of the new academic year.

Reports said that following the incident, many citizens in Indonesia demanded the Communication and Informatics Minister to step down due to his failure in protecting the public’s data.

The financial industry in Indonesia, as the institution that is most vulnerable to hackers, continues to increase its cybersecurity capacity to anticipate the threat of cyberattacks, ranging from fulfilling cybersecurity standards to simulations in facing cyberattacks.

Indonesia’s Financial Services Authority, a government agency that regulates and supervises the financial services sector, launched on Tuesday cybersecurity guidelines that were specifically designed for all financial sector technology innovation organisers in the country.

The guidelines provide a cyber capacity-building programme that includes data protection, risk management, incident response, maturity assessment, training and awareness by prioritising the principles of collaboration and information exchange.

Meanwhile, the Indonesian Internet Service Providers Association (APJII) said it was preparing to form a task force that would focus on cybersecurity, particularly to prevent the negative impacts of increasingly massive technological innovation.

“We want to gather existing related stakeholders to provide inputs to the government in any case, especially for cases related to cybersecurity,” APJII Chairman Muhammad Arif said on Wednesday.

He also said that APJII, which currently has 1,087 members of Internet service providers across Indonesia, had begun to develop support for maintaining security in cyberspace.

Ridi Ferdiana, a software expert from the Faculty of Engineering of the Gadjah Mada University in Indonesia’s Yogyakarta province, said the recent ransomware attack should be a self-reflection for the government to improve the information system architecture, security procedures and computer security networks.

“There are several cybersecurity measures that can be taken to prevent the national data centre server from being exposed to cyberattacks again, including developing routine inspection procedures related to security gaps, implementing network security procedures for the public and the data centre, as well as conducting regular maintenance to review the security perimeter and suitability of procedures,” Ferdiana said.

The government, he said, should design high-availability cloud infrastructure based on disaster recovery plans to speed up the data recovery.

“We also advise that the national data centre implement encryption at the row field security or file level either in transit or at rest, so that even in the event of ransomware, the stolen data cannot be read,” he added. AGENCIES

Israeli Defence Minister Yoav Gallant has called for the establishment of a national inquiry committee into Hamas’s October 7 attack, which will also probe the conduct of the government, military, and other security agencies.

The planned National Commission of Inquiry would be an independent body headed by a retired judge with wide-ranging investigative powers, Xinhua news agency reported.

At the graduation ceremony of the Israel Defense Forces (IDF) officers’ course, Gallant said on Thursday that the commission “should be objective … it should check all of us—the government, the army, and the security agencies. It should check me as well as the Prime Minister (Benjamin Netanyahu), Army Chief, Shin Bet Chief, the IDF, and the national bodies”.

Gallant is the most senior official to call for a national investigation into the attack, during which thousands of Hamas militants caught Israel by surprise, crossing from Gaza and killing about 1,200 people and kidnapping about 250 others. AGENCIES